PANews reported on October 19th that according to Coindesk, Galaxy Digital Research Director Alex Thorn believes that the current structural bull market remains intact for both cryptocurrencies and the stock market. He also pointed out that the three forces driving the next phase of growth are artificial intelligence capital expenditures, stablecoins, and tokenization.

First, AI capital expenditures. Thorn defines the current wave as a real-economy capital expenditure cycle led by well-funded incumbents (hyperscalers, chipmakers, and data center operators), reinforced by strong US policy support, rather than a purely speculative replay of the dot-com bubble. Thorn believes that corporate budgets and government stance suggest there's still a long way to go.

Next up is stablecoins. As payment channels improve, participation grows, liquidity increases, and more activity becomes anchored on public chains, tokens pegged to the US dollar will continue to gain traction. These can support the ecosystem even during price fluctuations.

The third is tokenization. Thorn stated that moving real-world assets and parts of traditional market infrastructure onto-chain is moving from pilots to implementation, creating new demand for block space and the core assets used to secure, route, and settle these activities. This shift, Thorn said, benefits platforms that are tied to this liquidity.

Against this backdrop, Thorn remains bullish on Bitcoin's status as "digital gold," despite ongoing doubts about the prudence of fiscal and monetary policies. He also believes that major currencies like ETH and SOL, which are tied to the use and tokenization of stablecoins, will see favorable conditions, even if a short-term rally risks falling below previous highs.